Intro to MKTG
According to the AMA, the definition of marketing is
A) The process of bringing products or services to the market
B) Providing tangible items at a fair value to consumers
C) The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
D) The activity, set of companies that strive to manufacture goods that are profitable and aim to serve many purposes.
C) The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
A high unemployment rate = good economic times
A) True
B) False
B) False
Placing people into smaller categories or groups is known as ____________.
A) Target market
B) Organizational market
C) Market Share
D) Marketing segmentation
D) Marketing segmentation
PEST stands for:
A) Political, Economic, Social, Technological
B) Political, Economic, Socio-cultural, Technological
C) Planning, Economic, Social, Technological
D) Planning, Economic, Socio-cultural, Technological
B) Political, Economic, Socio-cultural, Technological
_______________ uses a single marketing strategy to reach all customers.
A) Mass Marketing
B) Target Markets
C) Niche Marketing
D) Market Segmentation
A) Mass Marketing
The value a customer receives from buying a good or service is known as
A) Utility
B) Market share
C) Market
D) Impact
A) Utility
In a _________________ the country’s government makes all of the economic decisions from what to make, how to make it and for whom it is made for.
A) Traditional Economy
B) Command Economy
C) Market Economy
D) Mixed Economy
B) Command Economy
________________ enables companies to target different categories of consumers who perceive the full value of certain products and services differently from one another.
A) Marketing
B) Target Markets
C) Demographics
D) Market Segmentation
D) Market Segmentation
All of the following are political factors except:
A) Regulations
B) Laws
C) Tax Rates
D) GDP
D) GDP
Remaining a loyal customer to a company
A) Rational Motives
B) Patronage Motives
C) Emotional Motives
D) Irrational Motives
B) Patronage Motives
A bank being open on a Sunday satisfies what form of utility?
A) Information Utility
B) Place Utility
C) Time Utility
D) Form Utility
C) Time Utility
A group of consumers to who a company aims its’ marketing efforts. These consumers are identified as potential customers.
A) Target market
B) Organizational market
C) Market Share
D) Marketing mix
A) Target market
Segmenting a market by area, such as cities, counties, regions, countries, and international regions is known as ________________ segmentation.
A) Psychographic
B) Behavioral
C) Demographic
D) Geographic
D) Geographic
All of the following are Economic factors except:
A) Wages
B) Inflation
C) Regulations
D) GDP
C) Regulations
The tangible attributes of a product that explain how a product is constructed.
A) Feature Benefit Selling
B) Product Knowledge
C) Physical Features
D) Extended Product Features
C) Physical Features
The marketing mix is made up of the 4 p’s:
A) Product, Plan, Place, and Promotion
B) Product, Price, Place, and Promotion
C) Plan, Product, Place, and Price
D) Price, Product, Place, Potential
B) Product, Price, Place, and Promotion
Scarcity is the difference between ________ and _______ and available resources
A) Land and Capital
B) Resources and Equity
C) Wants and Needs
D) Factors and Government
C) Wants and Needs
Segmenting people with similar attitudes, interests, opinions, and lifestyles is known as ____________.
A) Psychographic
B) Behavioral
C) Demographic
D) Geographic
A) Psychographic
All of the following are Technological factors except:
A) Innovations
B) New Products
C) Demographics
D) Improved Production
C) Demographics
The intangible attributes related to the sale of a product that customers value. Some examples include; brand name, warranty, guarantee, customer service, or financing options.
A) Feature Benefit Selling
B) Product Knowledge
C) Physical Features
D) Extended Product Features
D) Extended Product Features
The portion of the market that is controlled by a particular company or product is known as:
A) Consumer market
B) Organizational market
C) Market Share
D) Marketing mix
C) Market Share
Factors of Production are made up of:
A) Land, Labor, Property, Entrepreneurship
B) Land, Resources, Property, Entrepreneurship
C) Land, Labor, Capital, Entrepreneurship
D) Land, Labor, Capital, Equity
C) Land, Labor, Capital, Entrepreneurship
Dividing a market into groups based on consumer knowledge, attitudes, uses, or responses to a product.
A) Psychographic
B) Behavioral
C) Demographic
D) Geographic
B) Behavioral
This section of the marketing plan could include a SWOT analysis to summarize your Strengths, Weaknesses, Opportunities, and Threats.
A) Situation Analysis
B) Tracking
C) Business Description
D) Market Entry Strategy
A) Situation Analysis
This section of the marketing plan helps monitor the effectiveness of each marketing activity and is especially helpful with your overall program evaluation.
A) Situation Analysis
B) Tracking
C) Business Description
D) Market Entry Strategy
B) Tracking